Home Sellers Checklist
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For Buyer’s this is known as COSTS TO CLOSE.
For Seller’s this is known as PROCEEDS OF SALE.
Both Buyers and Sellers will receive a Statement of Adjustments from their Lawyer or Notary outlining their credits and debits. See below.
BUYERS - CASH TO CLOSE
Purchase Price Less Deposit
+ Property Transfer Tax is 1% on the 1st $200,000 and 2% on the Balance. If you are a First time home buyer you may be eligible for a grant. Consult your mortgage broker and lawyer for advice. And find out more here
Appraisal (if applicable)
GST (if applicable)
Property Tax Adjustment
Maintenance fee adjustment (if applicable)
= Cash to Close
This is the amount that your lawyer or notary will tally ahead of your signing appointment and have you bring in this amount in the form of a Bank Draft made out to their Trust Account.
Other costs possibly incurred but considered official closing costs: Home inspection, Insurance, Interest Adjustment, Property Tax adjustment
SELLERS - PROCEEDS OF SALE
The Purchase Price Less:
Any outstanding mortgage amount and penalty.
Realtor Fees GST applicable.
Adjustments - the buyer will reimburse the Seller for costs such as already paid Property Tax and maintenance fees and may also include move-in or move-out fees.
Legal fees- budget anywhere from $1000-$1500
Taxes - unless you are selling your principal residence, you are required to pay capital gain tax. Non-residents of Canada are required to pay 25% tax and will be required to file Clearance Certificate with Revenue Canada. The lawyer will be required to hold back 25% if this certificate has not been issued (it can take six months or longer). You are advised to consult an accountant prior to listing your property.
= Proceeds of Sale
This is the amount that you will receive upon closing.